German fund manager KanAm has sold the Lumion office scheme opposite the Geneva airport in Switzerland for CHF 72 mln (EUR 63 mln), a 20% premium on its book value of CHF 59 mln. The companies agreed not to disclose the name of the buyer.

Frankfurt-based KanAm said in statement its management proceeded with the sale to take advantage of 'favourable market situation in Geneva, where prime yields have gone down to historic lows'.

KanAm bought the asset in January 2006 from its developer, Dutch private property group Redevco, for over CHF 60 mln. Completed in 2004, Lumion was fully leased in the course of 2005, mainly on 10-year contracts. The building is divided into four levels offering 5,500 m2 of office space, with 105 indoor and outdoor parking spaces.